The Seychelles Investment Board (SIB) has approved investments worth R45.5 billion and processed over 1,200 applications over the last five years, for businesses in various forms and sectors of our economy.
President James Michel said this yesterday when he launched the first investment forum for Seychellois at the International Conference Centre.
He said the investments have been dominated to a large extent by the small tourism accommodation category which is being promoted by Seychellois entrepreneurs, “and these alone accounted for 49% of all approved projects for 2010”.
Mr Michel also launched the SIB’s new brand, Exciting Seychelles – Your World of Investment Opportunities, and noted the organisation is now known as a board rather that a bureau since the Seychelles Investment Act 2010 came into force in November last year.
He said the law gives a better legal environment that is conducive to a greater flow of investments and the protection of the rights of investors.
A number of speakers stressed the need for continued stability with Mr Michel saying:
“We have to bear in mind that without national unity, without stability, there can be no investment, no growth, no social and economic development. We will slide into chaos.”
He said although we are doing very well, there is room for improvement so we have to continue to do better, “but we cannot afford to rock the boat”.
Mr Michel therefore urged all stakeholders, the private sector, civil society and government departments and agencies to work closely with the SIB and speak with one voice in encouraging and promoting investment in Seychelles.
“I urge you all to own this new brand, as new and continuous investments in our economy are essential to our survival as a nation.”
Seychelles has undergone remarkable economic and social transformation and development during the past years through the implementation of a range of reforms and strategies,” he said.
“During that period, investment – both foreign and local – has remained an absolute priority for my government,” he said.
The President said many opportunities exist today but they are not well known, so a high profile conference on opportunities in Seychelles is long overdue.
He said the forum benefits from the vast opportunities exhibited in the various core themes of the Seychelles Expo2020 which ends today.
The forum brings together policy makers, business leaders and business associations from all the prominent sectors of the economy. It aims to unveil potential investment opportunities to Seychellois entrepreneurs mainly.
It is also aimed at encouraging public-private dialogue and at improving doing business in Seychelles.
Recommendations from the forum will be useful for the business environment reform currently and continuously taking place, said Mr Michel.
SIB’s chief executive Sherin Renaud told Nation the forum was intended to host 150 delegates but the number topped 200 following overwhelming interest, prompting the organisers to consider a similar forum early next year.
About 20 speakers from the private sector and government were scheduled to make presentations.
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